Tuesday, December 4, 2007

Yamani: Oil at $75 if Opec raises output

Just a reminder. Reuters had this story a couple weeks ago. There may be an announcement today (Dec. 5) but I've got to get home.All bets are locked.

Via ArabianBusiness:

Oil could tumble as low as $75 a barrel if OPEC decides to raise output at next month's meeting and if the winter season is mild, former Saudi oil minister Ahmed Zaki Yamani said on Wednesday.

But he warned that prices could surge as high as $200 if the United States attacked Iran.

"If there are no disasters, then next year's prices could fall to around $75 per barrel after the winter," Yamani said at a conference in the Spanish capital....MORE

From the Khaleej Times:

Opec not to raise output[?]Oil and energy ministers from the Organisation of the Petroleum Exporting Countries (Opec) will discuss demand and supply situation in the oil markets, and its future strategy as per the available options, according to the latest output estimates.

Oil analysts and journalists, covering the Opec's Extraordinary Meeting yesterday, were keen to know the reaction of oil producers to Iran's move to offer security pact to the GCC member nations for creating stability in the region and its impact on oil markets.

Refael D. Ramirez, Venezuela's Oil Minister, while briefly talking to reporters, at the Emirates Palace, said that the 146th Extraordinary Ministerial meeting of Opec would discuss the market's current situation and its options.

However, he ruled out that Opec would look at more production.

To a question, he told reporters that his country has no plans to raise its oil production in the near future. The Venezuelan minister said that the oil markets are well supplied, and that inventories are at comfortable levels.

The Head of Libyan delegation, Dr Shokari M. Ghanem, who is also the chairman of the National Oil Corporation of Libya, said that the oil market does not need more oil but stability and an end to speculations which pushes prices higher and higher.

The Libyan official said that profit-taking and speculations led to record rise in oil prices in recent weeks.